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Add USDC and USDC as collaterals to WETH market on Arbitrum (#895)
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Co-authored-by: GitHub Actions Bot <>
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@MishaShWoof
MishaShWoof authored Aug 16, 2024
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291 changes: 291 additions & 0 deletions deployments/arbitrum/weth/migrations/1722254281_add_usdt_and_usdc_as_collaterals.ts
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import { expect } from 'chai';
import { DeploymentManager } from '../../../../plugins/deployment_manager/DeploymentManager';
import { migration } from '../../../../plugins/deployment_manager/Migration';
import { exp, proposal } from '../../../../src/deploy';
import { applyL1ToL2Alias, estimateL2Transaction } from '../../../../scenario/utils/arbitrumUtils';
import { ethers } from 'ethers';

const USDT_ADDRESS = '0xFd086bC7CD5C481DCC9C85ebE478A1C0b69FCbb9';
const USDT_USD_PRICE_FEED_ADDRESS = '0x3f3f5dF88dC9F13eac63DF89EC16ef6e7E25DdE7';

const USDC_ADDRESS = '0xaf88d065e77c8cC2239327C5EDb3A432268e5831';
const USDC_USD_PRICE_FEED_ADDRESS = '0x50834F3163758fcC1Df9973b6e91f0F0F0434aD3';

const ETH_USD_PRICE_FEED_ADDRESS = '0x639Fe6ab55C921f74e7fac1ee960C0B6293ba612';

export default migration('1722254281_add_usdt_and_usdc_as_collaterals', {
async prepare(deploymentManager: DeploymentManager) {
const _usdtPriceFeed = await deploymentManager.deploy(
'USDT:priceFeed',
'pricefeeds/ReverseMultiplicativePriceFeed.sol',
[
USDT_USD_PRICE_FEED_ADDRESS, // USDT / USD price feed
ETH_USD_PRICE_FEED_ADDRESS, // USD / ETH price feed
8, // decimals
'USDT / USD USD / ETH', // description
]
);

const _usdcPriceFeed = await deploymentManager.deploy(
'USDC:priceFeed',
'pricefeeds/ReverseMultiplicativePriceFeed.sol',
[
USDC_USD_PRICE_FEED_ADDRESS, // USDC / USD price feed
ETH_USD_PRICE_FEED_ADDRESS, // USD / ETH price feed
8, // decimals
'USDC / USD USD / ETH', // description
]
);

return { usdtPriceFeed: _usdtPriceFeed.address, usdcPriceFeed: _usdcPriceFeed.address };
},

enact: async (deploymentManager: DeploymentManager, govDeploymentManager: DeploymentManager, { usdtPriceFeed, usdcPriceFeed }) => {
const trace = deploymentManager.tracer();
const {
bridgeReceiver,
timelock: l2Timelock,
comet,
cometAdmin,
configurator
} = await deploymentManager.getContracts();

const {
arbitrumInbox,
timelock,
governor
} = await govDeploymentManager.getContracts();

const USDT = await deploymentManager.existing(
'USDT',
USDT_ADDRESS,
'arbitrum',
'contracts/ERC20.sol:ERC20'
);

const usdtPricefeed = await deploymentManager.existing(
'USDT:priceFeed',
usdtPriceFeed,
'arbitrum'
);

const usdtAssetConfig = {
asset: USDT.address,
priceFeed: usdtPricefeed.address,
decimals: 6n,
borrowCollateralFactor: exp(0.80, 18),
liquidateCollateralFactor: exp(0.85, 18),
liquidationFactor: exp(0.95, 18),
supplyCap: exp(20_000_000, 6),
};

const USDC = await deploymentManager.existing(
'USDC',
USDC_ADDRESS,
'arbitrum',
'contracts/ERC20.sol:ERC20'
);

const usdcPricefeed = await deploymentManager.existing(
'USDC:priceFeed',
usdcPriceFeed,
'arbitrum'
);

const usdcAssetConfig = {
asset: USDC.address,
priceFeed: usdcPricefeed.address,
decimals: 6n,
borrowCollateralFactor: exp(0.80, 18),
liquidateCollateralFactor: exp(0.85, 18),
liquidationFactor: exp(0.95, 18),
supplyCap: exp(30_000_000, 6),
};

const addUSDTAssetCalldata = ethers.utils.defaultAbiCoder.encode(
['address', 'tuple(address,address,uint8,uint64,uint64,uint64,uint128)'],
[comet.address,
[
usdtAssetConfig.asset,
usdtAssetConfig.priceFeed,
usdtAssetConfig.decimals,
usdtAssetConfig.borrowCollateralFactor,
usdtAssetConfig.liquidateCollateralFactor,
usdtAssetConfig.liquidationFactor,
usdtAssetConfig.supplyCap
]
]
);

const addUSDCAssetCalldata = ethers.utils.defaultAbiCoder.encode(
['address', 'tuple(address,address,uint8,uint64,uint64,uint64,uint128)'],
[comet.address,
[
usdcAssetConfig.asset,
usdcAssetConfig.priceFeed,
usdcAssetConfig.decimals,
usdcAssetConfig.borrowCollateralFactor,
usdcAssetConfig.liquidateCollateralFactor,
usdcAssetConfig.liquidationFactor,
usdcAssetConfig.supplyCap
]
]
);

const deployAndUpgradeToCalldata = ethers.utils.defaultAbiCoder.encode(
['address', 'address'],
[configurator.address, comet.address]
);

const l2ProposalData = ethers.utils.defaultAbiCoder.encode(
['address[]', 'uint256[]', 'string[]', 'bytes[]'],
[
[
configurator.address,
configurator.address,
cometAdmin.address
],
[
0,
0,
0
],
[
'addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))',
'addAsset(address,(address,address,uint8,uint64,uint64,uint64,uint128))',
'deployAndUpgradeTo(address,address)',
],
[
addUSDTAssetCalldata,
addUSDCAssetCalldata,
deployAndUpgradeToCalldata,
]
]
);

const createRetryableTicketGasParams = await estimateL2Transaction(
{
from: applyL1ToL2Alias(timelock.address),
to: bridgeReceiver.address,
data: l2ProposalData
},
deploymentManager
);
const refundAddress = l2Timelock.address;

const mainnetActions = [
// 1. Set Comet configuration and deployAndUpgradeTo WETH Comet on Arbitrum.
{
contract: arbitrumInbox,
signature: 'createRetryableTicket(address,uint256,uint256,address,address,uint256,uint256,bytes)',
args: [
bridgeReceiver.address, // address to,
0, // uint256 l2CallValue,
createRetryableTicketGasParams.maxSubmissionCost, // uint256 maxSubmissionCost,
refundAddress, // address excessFeeRefundAddress,
refundAddress, // address callValueRefundAddress,
createRetryableTicketGasParams.gasLimit, // uint256 gasLimit,
createRetryableTicketGasParams.maxFeePerGas, // uint256 maxFeePerGas,
l2ProposalData, // bytes calldata data
],
value: createRetryableTicketGasParams.deposit
},
];

const description = '# Add USDT and USDC as collateral into cWETHv3 on Arbitrum\n\n## Proposal summary\n\nCompound Growth Program [AlphaGrowth] proposes to add USDT and USDC into cWETHv3 on Arbitrum network. This proposal takes the governance steps recommended and necessary to update a Compound III WETH market on Arbitrum. Simulations have confirmed the market’s readiness, as much as possible, using the [Comet scenario suite](https://github.com/compound-finance/comet/tree/main/scenario). The new parameters include setting the risk parameters based off of the [recommendations from Gauntlet](https://www.comp.xyz/t/add-dai-usdc-and-usdt-as-collaterals-to-weth-comets-on-mainnet-and-arbitrum/5415/2).\n\nFurther detailed information can be found on the corresponding [proposal pull request](https://github.com/compound-finance/comet/pull/895) and [forum discussion](https://www.comp.xyz/t/add-dai-usdc-and-usdt-as-collaterals-to-weth-comets-on-mainnet-and-arbitrum/5415).\n\n\n## Proposal Actions\n\nThe first proposal action adds USDT and USDC to the WETH Comet on Arbitrum. This sends the encoded `addAsset` two times and `deployAndUpgradeTo` calls across the bridge to the governance receiver on Arbitrum.';
const txn = await govDeploymentManager.retry(async () =>
trace(await governor.propose(...(await proposal(mainnetActions, description))))
);

const event = txn.events.find(event => event.event === 'ProposalCreated');

const [proposalId] = event.args;

trace(`Created proposal ${proposalId}.`);
},

async enacted(deploymentManager: DeploymentManager): Promise<boolean> {
return true;
},

async verify(deploymentManager: DeploymentManager) {
const { comet, configurator } = await deploymentManager.getContracts();

const usdtAssetIndex = Number(await comet.numAssets()) - 2;
const usdcAssetIndex = Number(await comet.numAssets()) - 1;

const USDT = await deploymentManager.existing(
'USDT',
USDT_ADDRESS,
'arbitrum',
'contracts/ERC20.sol:ERC20'
);

const usdtAssetConfig = {
asset: USDT.address,
priceFeed: '',
decimals: 6n,
borrowCollateralFactor: exp(0.80, 18),
liquidateCollateralFactor: exp(0.85, 18),
liquidationFactor: exp(0.95, 18),
supplyCap: exp(20_000_000, 6),
};

// 1. & 3. Compare USDT asset config with Comet and Configurator asset info
const cometUSDTAssetInfo = await comet.getAssetInfoByAddress(
USDT_ADDRESS
);
expect(usdtAssetIndex).to.be.equal(cometUSDTAssetInfo.offset);
expect(usdtAssetConfig.asset).to.be.equal(cometUSDTAssetInfo.asset);
expect(exp(1, usdtAssetConfig.decimals)).to.be.equal(cometUSDTAssetInfo.scale);
expect(usdtAssetConfig.borrowCollateralFactor).to.be.equal(cometUSDTAssetInfo.borrowCollateralFactor);
expect(usdtAssetConfig.liquidateCollateralFactor).to.be.equal(cometUSDTAssetInfo.liquidateCollateralFactor);
expect(usdtAssetConfig.liquidationFactor).to.be.equal(cometUSDTAssetInfo.liquidationFactor);
expect(usdtAssetConfig.supplyCap).to.be.equal(cometUSDTAssetInfo.supplyCap);

const configuratorUSDTAssetConfig = (await configurator.getConfiguration(comet.address)).assetConfigs[usdtAssetIndex];
expect(usdtAssetConfig.asset).to.be.equal(configuratorUSDTAssetConfig.asset);
expect(usdtAssetConfig.decimals).to.be.equal(configuratorUSDTAssetConfig.decimals);
expect(usdtAssetConfig.borrowCollateralFactor).to.be.equal(configuratorUSDTAssetConfig.borrowCollateralFactor);
expect(usdtAssetConfig.liquidateCollateralFactor).to.be.equal(configuratorUSDTAssetConfig.liquidateCollateralFactor);
expect(usdtAssetConfig.liquidationFactor).to.be.equal(configuratorUSDTAssetConfig.liquidationFactor);
expect(usdtAssetConfig.supplyCap).to.be.equal(configuratorUSDTAssetConfig.supplyCap);

const USDC = await deploymentManager.existing(
'USDC',
USDC_ADDRESS,
'arbitrum',
'contracts/ERC20.sol:ERC20'
);

const usdcAssetConfig = {
asset: USDC.address,
priceFeed: '',
decimals: 6n,
borrowCollateralFactor: exp(0.80, 18),
liquidateCollateralFactor: exp(0.85, 18),
liquidationFactor: exp(0.95, 18),
supplyCap: exp(30_000_000, 6),
};

// 2. & 3. Compare USDC asset config with Comet and Configurator asset info
const cometUSDCAssetInfo = await comet.getAssetInfoByAddress(
USDC_ADDRESS
);
expect(usdcAssetIndex).to.be.equal(cometUSDCAssetInfo.offset);
expect(usdcAssetConfig.asset).to.be.equal(cometUSDCAssetInfo.asset);
expect(exp(1, usdcAssetConfig.decimals)).to.be.equal(cometUSDCAssetInfo.scale);
expect(usdcAssetConfig.borrowCollateralFactor).to.be.equal(cometUSDCAssetInfo.borrowCollateralFactor);
expect(usdcAssetConfig.liquidateCollateralFactor).to.be.equal(cometUSDCAssetInfo.liquidateCollateralFactor);
expect(usdcAssetConfig.liquidationFactor).to.be.equal(cometUSDCAssetInfo.liquidationFactor);
expect(usdcAssetConfig.supplyCap).to.be.equal(cometUSDCAssetInfo.supplyCap);

const configuratorUSDCAssetConfig = (await configurator.getConfiguration(comet.address)).assetConfigs[usdcAssetIndex];
expect(usdcAssetConfig.asset).to.be.equal(configuratorUSDCAssetConfig.asset);
expect(usdcAssetConfig.decimals).to.be.equal(configuratorUSDCAssetConfig.decimals);
expect(usdcAssetConfig.borrowCollateralFactor).to.be.equal(configuratorUSDCAssetConfig.borrowCollateralFactor);
expect(usdcAssetConfig.liquidateCollateralFactor).to.be.equal(configuratorUSDCAssetConfig.liquidateCollateralFactor);
expect(usdcAssetConfig.liquidationFactor).to.be.equal(configuratorUSDCAssetConfig.liquidationFactor);
expect(usdcAssetConfig.supplyCap).to.be.equal(configuratorUSDCAssetConfig.supplyCap);
},
});

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